China is proving remarkably skilled at taking its censorship policies global.
From NBA players to H&M executives to European Union officials to Hollywood celebrities like John Cena, the outside world is learning it’s best to avoid offending President Xi Jinping’s Communist Party. But are Xi era sensitivities about to cut into economic bone?
Xi’s increasingly thin-skinned government is now actively scanning the internet and social media platforms for financial-related materials. In a statement that was both vague and chilling, the Cyberspace Administration of China said it’s on the lookout for any content it deems as “maliciously” critical of mainland financial markets, domestic policies, economic data – you name it.
Read more at “No bad market news allowed in China”
China is so keen to maintain control over its sprawling and expanding economy that it’s even willing to go communist.
For all the claims from Communist Party bigwigs that President Xi Jinping isn’t on an anti-wealth crusade, the losses are too jarring to dismiss as “capitalism doing its thing.”
Indeed, the more than US$1 trillion of market capitalization losses tied directly to Xi’s recent policies has China bulls mutating into China bears.
First, it was Jack Ma’s Ant Group getting stomped by Xi’s regulators. Then Didi Global and the $100 billion private tutoring sector got the boot. Next up is Tencent Holdings, China’s top social media and video game platform. State media derided online gaming as “spiritual opium,” clearly riffing off a famous Mao Zedong-ism.
Read more at “Xi’s tech clampdown signals end of a capitalist era”